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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------------
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) September 15, 1999.
OMI Trust 1999-C
(Exact name of registrant as specified in charter)
Pennsylvania 333-72621-01 Application filed
- --------------------------------------------------------------------------------
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
c/o Chase Manhattan Trust Co.
Global Trust
Attention: Judy Wisniewskie
One Liberty Place, Suite 5520
1650 Market Street
Philadelphia, Pennsylvania 19103
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (215) 988-1322
-------------------------------------------------------------------------------
(Former name or former address, if changed since last report.)
<PAGE>
OMI TRUST 1999-C
FORM 8-K
ITEM 1. CHANGES IN CONTROL OF REGISTRANT.
Not Applicable.
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS.
Not Applicable.
ITEM 3. BANKRUPTCY OR RECEIVERSHIP.
Not Applicable.
ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT.
Not Applicable.
ITEM 5. OTHER EVENTS.
OMI Trust 1999-C (the "Trust"), the issuer of the Oakwood Mortgage
Investors, Inc. Manufactured Housing Contract Senior/Subordinated Pass-Through
Certificates, Series 1999-C (the "Certificates"), makes monthly distributions to
holders of the Certificates. The latest distribution was made on September 15,
1999. Oakwood Acceptance Corporation, as Servicer for the Trust, has prepared a
monthly Remittance Report and delivered it to the Trustee.
Remittance Report. . . . . . . . . . . . .Exhibit 20.1
ITEM 6. RESIGNATIONS OF REGISTRANT'S DIRECTORS.
Not Applicable.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
Exhibits
20.1 Monthly Remittance Report relating to the Distribution
Date occurring on September 15, 1999.
ITEM 8. CHANGE IN FISCAL YEAR.
Not Applicable.
<PAGE>
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
OMI TRUST 1999-C, Registrant
By: Oakwood Acceptance Corporation,
as servicer
September 23, 1999
-----------------
Douglas R. Muir
Vice President
<PAGE>
INDEX OF EXHIBITS
<TABLE>
<CAPTION>
Page of Sequentially
Numbered Pages
<S> <C> <C>
20.1 Monthly Remittance Report relating to Distribution
Date occurring on September 15, 1999..............................................................................
</TABLE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-C REPORT DATE: September 8, 1999
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 3
REMITTANCE REPORT Page 1 of 6
REPORTING MONTH: Aug-99
Scheduled Principal Balance of Contracts
- --------------------------------------------------------------------------------------------------------------------------
Beginning Ending
Principal Scheduled Prepaid Liquidated Loans Principal
Balance Principal Principal Principal Repurchased Balance
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
313,072,426.35 (339,260.90) (2,115,890.01) (539,711.91) 0.00 310,077,563.53
=========================================================================================================================
<CAPTION>
Scheduled Scheduled Amount
Gross Servicing Pass Thru Pass-Through Available for Limited Total
Interest Fee Interest Proceeds Distribution Guarantee Distribution
- ----------------------------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C> <C> <C>
2,659,867.64 260,893.69 2,398,973.95 539,711.91 5,654,730.46 0.00 5,654,730.46
================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Certificate Account
- --------------------------------------------------------------------------------------------------------------------------------
Beginning Deposits Investment Ending
Balance Principal Interest Distributions Interest Balance
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
3,639,860.42 2,974,214.13 2,537,702.23 (6,409,586.49) 8,338.25 2,750,528.54
================================================================================================================================
<CAPTION>
P&I Advances at Distribution Date
- -----------------------------------------------------------------------------------------------
Beginning Recovered Current Ending
Balance Advances Advances Balance
<S> <C> <C> <C>
352,658.19 -292,213.47 1,242,068.79 1,302,513.51
===============================================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-C REPORT DATE: September 8, 1999
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT 3
REMITTANCE REPORT
REPORTING MONTH: Page 2 of 6
Class B Crossover Test Test Met?
- ------------------------------------------------------------------------------- ------------------
(a) Remittance date on or after December 2003 N
(b) Average 60 day Delinquency rate <= 5.5% N
(d) Cumulative losses do not exceed the following
percent of the intitial principal balance of all Certificates
Jan. 2004 - June 2005 7% N
July 2005 - June 2006 8% N
July 2006 - Dec. 2007 9.5% N
Dec 2007 and After 10.5% N
(e) Current realized loss ratio <= 3.00% N
(f) Does Subordinated Certificate percentage equal or
exceed 40.251%
of Pool Scheduled Principal Balance
Beginning M balance 36,812,000.00
Beginning B-1 balance 16,004,000.00
Beginning B-2 balance 20,807,916.00
---------------------------
73,623,916.00
---------------------------
Divided by beginning pool
balance 313,072,426.35
23.517% N
<CAPTION>
Average 60 day delinquency ratio:
Over 60s Pool Balance %
-----------------------------------------------------------------
Current Mo 3,204,833.28 310,077,563.53 1.03%
1st Preceding Mo 1,387,333.33 313,072,426.35 0.44%
2nd Preceding Mo 0.00 316,779,513.47 0.00%
Divided by 3
----------------
0.49%
================
Cumulative loss ratio:
Cumulative losses 0.00
---------------------------
Divided by Initial Certificate Principal 0.00 #DIV/0!
================
Current realized loss ratio:
Liquidation Pool
Losses Balance
-------------------------------------------------
Current Mo 0.00 313,072,426.35
1st Preceding Mo 0.00 316,779,513.47
2nd Preceding Mo 0.00 320,093,916.36
-------------------------------------------------
0.00 316,648,618.73 0.000%
================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-C REPORT DATE: September 8, 1999
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 3
REMITTANCE REPORT Page 3 of 6
REPORTING MONTH: Aug-99
Delinquency Analysis
31 to 59 days 60 to 89 days 90 days and Over Total Delinq.
No. of Principal Principal Principal Principal Principal
Loans Balance # Balance # Balance # Balance # Balance
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Excluding Repos 7,261 309,706,668.14 210 7,731,094.28 61 2,192,633.86 18 856,689.12 289 10,780,417.26
Repos 10 370,895.39 6 215,385.09 4 155,510.30 0 0.00 10 370,895.39
-------------------------------------------------------------------------------------------------------------------
Total 7,271 310,077,563.53 216 7,946,479.37 65 2,348,144.16 18 856,689.12 299 11,151,312.65
===================================================================================================================
4.1% 3.60%
=====================
<CAPTION>
Repossession Analysis
Active Repos Reversal Current Month
Outstanding (Redemption) Repos Cumulative Repos
Principal Principal Principal Principal
# Balance # Balance # Balance # Balance
---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Excluding Repos 10 370,895.39 0 0.00 20 717,207.53 31 1,024,042.64
Repos
Total
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-C REPORT DATE: September 8, 1999
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 3
REMITTANCE REPORT
REPORTING MONTH: Aug-99 Page 4 of 6
REPOSSESSION LIQUIDATION REPORT
Liquidated Net
Account Customer Principal Sales Insur. Total Repossession Liquidation
FHA? Number Name Balance Proceeds Refunds Proceeds Expenses Proceeds
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
1877919 TAYLOR SHAWNA M 54,406.99 54,406.99 0.00 54,406.99 0.00 54,406.99
1842541 KNIGHT REGINA M 26,384.20 26,384.20 0.00 26,384.20 0.00 26,384.20
1852870 CHIPPEAUX PATRICK L 28,848.02 28,848.02 0.00 28,848.02 0.00 28,848.02
1875418 EDWARDS YOLANDA T 31,248.10 31,248.10 0.00 31,248.10 0.00 31,248.10
1876705 LEWIS LORETTA 32,162.34 32,162.34 0.00 32,162.34 0.00 32,162.34
1899939 RANDA LORI A 23,894.60 23,894.60 0.00 23,894.60 0.00 23,894.60
1912138 DOUGLAS DAWN L 13,999.68 13,999.68 0.00 13,999.68 0.00 13,999.68
1912401 DAVIS JODIE M 25,778.50 25,778.50 0.00 25,778.50 0.00 25,778.50
1914084 HARRISON SHEILA D 16,545.54 16,545.54 0.00 16,545.54 0.00 16,545.54
1914522 ROLLINS SR JERRY L 37,690.72 37,690.72 0.00 37,690.72 0.00 37,690.72
1918911 FULLER LUCINDA N 39,534.55 39,534.55 0.00 39,534.55 0.00 39,534.55
1924992 KING JR BOBBY E 35,220.22 35,220.22 0.00 35,220.22 0.00 35,220.22
1925866 ROBINSON DONNIE M 54,053.98 54,053.98 0.00 54,053.98 0.00 54,053.98
1850213 HOFFMAN BRIAN L 38,995.87 38,995.87 0.00 38,995.87 0.00 38,995.87
1878669 GANDY RAPHINETTE K 52,339.34 52,339.34 0.00 52,339.34 0.00 52,339.34
1951052 CUNNINGHAM WILLIAM 28,609.26 28,609.26 0.00 28,609.26 0.00 28,609.26
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
==================================================================================
539,711.91 539,711.91 0.00 539,711.91 0.00 539,711.91
==================================================================================
</TABLE>
<TABLE>
<CAPTION>
Net Current
Account Unrecov. FHA Insurance Pass Thru Period Net Cumulative
FHA? Number Advances Coverage Proceeds Gain/(Loss) Gain/(Loss)
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1877919 0.00 0.00 54,406.99 0.00
1842541 0.00 0.00 26,384.20 0.00
1852870 0.00 0.00 28,848.02 0.00
1875418 0.00 0.00 31,248.10 0.00
1876705 0.00 0.00 32,162.34 0.00
1899939 0.00 0.00 23,894.60 0.00
1912138 0.00 0.00 13,999.68 0.00
1912401 0.00 0.00 25,778.50 0.00
1914084 0.00 0.00 16,545.54 0.00
1914522 0.00 0.00 37,690.72 0.00
1918911 0.00 0.00 39,534.55 0.00
1924992 0.00 0.00 35,220.22 0.00
1925866 0.00 0.00 54,053.98 0.00
1850213 0.00 0.00 38,995.87 0.00
1878669 0.00 0.00 52,339.34 0.00
1951052 0.00 0.00 28,609.26 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
========================================================================================================
0.00 0.00 539,711.91 0.00 0.00
========================================================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-C REPORT DATE: September 8, 1999
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 3
REMITTANCE REPORT
REPORTING MONTH: Aug-99 Page 5 of 6
CERTIFICATE PRINCIPAL ANALYSIS
PRINCIPAL
<S> <C> <C> <C>
Original Beginning Beginning Principal
Cert. Certificate Certificate Shortfall Carry-
Class Balances Balances Over
- --------------------------------------------------------------------------------------------------------------------
SENIOR CERTIFICATES
A-1 72,200,000.00 65,178,510.35 0.00
A-2 174,270,000.00 174,270,000.00 0.00
------------------------------------------------------------------------------
Total Certificate Principal Bal. 246,470,000.00 239,448,510.35 0.00
==============================================================================
Original Beginning Beginning Principal
SUBORDINATE CERTIFICATES Certificate Certificate Shortfall Carry-
Balances Balances Over
------------------------------------------------------------------------------
M-1 20,808,000.00 20,808,000.00 0.00
M-1 Outstanding Writedown 0.00
M-2 16,004,000.00 16,004,000.00 0.00
M-1 Outstanding Writedown 0.00
B-1 16,004,000.00 16,004,000.00 0.00
B-1 Outstanding Writedown 0.00
B-2 20,807,916.00 20,807,916.00 0.00
B-2 Outstanding Writedown 0.00
------------------------------------------------------------------------------
Total Excluding Writedown Bal. 73,623,916.00 73,623,916.00 0.00
==============================================================================
All Certificates Excluding
Writedown Bal. 320,093,916.00 313,072,426.35 0.00
==============================================================================
</TABLE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-C
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH:
CERTIFICATE PRINCIPAL ANALYSIS
PRINCIPAL
<S> <C> <C> <C> <C>
Current Current Ending Principal Ending
Cert. Principal Principal Shortfall Carry- Certificate
Class Due Paid Over Balances
- ------------------------------------------------------------------------------------------------------------------------------------
SENIOR CERTIFICATES
A-1 2,994,862.82 2,994,862.82 0.00 62,183,647.53
A-2 0.00 0.00 0.00 174,270,000.00
----------------------------------------------------------------------------------------------
Total Certificate Principal Bal. 2,994,862.82 2,994,862.82 0.00 236,453,647.53
==============================================================================================
Current Current Ending Principal Current
SUBORDINATE CERTIFICATES Principal Principal Shortfall Carry- Writedown/
Due Paid Over (Writeup)
----------------------------------------------------------------------------------------------
M-1 0.00 0.00 0.00 0.00
M-1 Outstanding Writedown 0.00 0.00
M-2 0.00 0.00 0.00 0.00
M-1 Outstanding Writedown 0.00 0.00
B-1 0.00 0.00 0.00 0.00
B-1 Outstanding Writedown 0.00 0.00
B-2 0.00 0.00 0.00 0.00
B-2 Outstanding Writedown 0.00 0.00
----------------------------------------------------------------------------------------------
Total Excluding Writedown Bal. 0.00 0.00 0.00 0.00
==============================================================================================
All Certificates Excluding
Writedown Bal. 2,994,862.82 2,994,862.82 0.00 0.00
==============================================================================================
</TABLE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-C
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: Aug-99
CERTIFICATE PRINCIPAL ANALYSIS
PRINCIPAL
<S> <C> <C>
Principal Paid
Cert. Pool Per $1,000
Class Factor Denomination
- ------------------------------------------------------------------------------------------
SENIOR CERTIFICATES
A-1 95.40514% 41.480094
A-2 100.00000% 0.000000
Total Certificate Principal Bal.
====================================================
Ending Principal Paid
SUBORDINATE CERTIFICATES Certificate Pool Per $1,000
Balances Factor Denomination
-----------------------------------------------------------------------------
M-1 20,808,000.00 100.00000% 0.000000
M-1 Outstanding Writedown
M-2 16,004,000.00 100.00000% 0.000000
M-1 Outstanding Writedown
B-1 16,004,000.00 100.00000% 0.000000
B-1 Outstanding Writedown
B-2 20,807,916.00 100.00000% 0.000000
B-2 Outstanding Writedown
--------------------------
Total Excluding Writedown Bal. 73,623,916.00
==========================
All Certificates Excluding
Writedown Bal. 310,077,563.53
==========================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-C REPORT DATE: September 8, 1999
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 3
REMITTANCE REPORT
REPORTING MONTH: Aug-99 Page 6 of 6
CERTIFICATE INTEREST ANALYSIS
<S> <C> <C> <C> <C>
Beginning Carry- Current Carry-
SENIOR Pass-Through Over Priority Current Priority Over Priority
CERTIFICATES Rate Interest Balance Interest Accrual Interest Accrual
-------------------------------------------------------------------------------------------------
A-1 5.44875% 0.00 305,816.21 0.00
A-2 7.47500% 0.00 1,085,556.88 0.00
-----------------------------------------------------------------------------
=============================================================================
Total 0.00 1,391,373.09 0.00
=============================================================================
Beginning Carry- Current Carry-
SUBORDINATE Pass-Through Over Priority Current Priority Over Priority
CERTIFICATES Rate Interest Balance Interest Accrual Interest Accrual
-------------------------------------------------------------------------------------------------
M-1 8.07000% 0.00 139,933.80 0.00
M-2 8.75000% 0.00 116,695.83 0.00
B-1 6.90000% 0.00 92,023.00 0.00
B-2 6.90000% 0.00 119,645.52 0.00
Limited Guarantee
Service Fee 0.00 260,893.69 0.00
X 0.00 539,302.71 0.00
R 0.00 0.00 0.00
-----------------------------------------------------------------------------
Total 0.00 1,268,494.55 0.00
=============================================================================
All Certificates 0.00 2,659,867.64 0.00
=============================================================================
</TABLE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-C
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: Aug-99
CERTIFICATE INTEREST ANALYSIS
<S> <C> <C> <C> <C>
Interest Paid
SENIOR Ending Carry- Per $1,000 Total Class
CERTIFICATES Paid Over Balance Denomination Distribution
---------------------------------------------------------------------------------------------------
A-1 305,816.21 0.00 4.23568 3,300,679.03
A-2 1,085,556.88 0.00 6.22917 1,085,556.88
------------------------------------------------- ---------------------------
================================================= ===========================
================================================= ===========================
Total 1,391,373.09 0.00 4,386,235.91
================================================= ===========================
Priority Ending Carry- Beginning Carry Current Writedown
SUBORDINATE Interest Over Priority Over Writedown Interest
CERTIFICATES Paid Interest Balance Interest Balance Accrued
----------------------------------------------------------------------------------------------------
M-1 139,933.80 0.00 0.00 0.00
M-2 116,695.83 0.00 0.00 0.00
B-1 92,023.00 0.00 0.00 0.00
B-2 119,645.52 0.00 0.00 0.00
Limited Guarantee 0.00
Service Fee 260,893.69 0.00
X 539,302.71 0.00
R 0.00 0.00
---------------------------------------------------------------------------------------------------
Total 1,268,494.55 0.00 0.00 0.00
===================================================================================================
All Certificates 2,659,867.64 0.00 0.00 0.00
===================================================================================================
</TABLE>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-C
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: Aug-99
CERTIFICATE INTEREST ANALYSIS
SENIOR
CERTIFICATES
A-1
A-2
Total
<TABLE>
<CAPTION>
Current Carry- Ending Carry- Interest Paid
SUBORDINATE Over Writedown Writedown Over Writedown Per $1,000 Total Class
CERTIFICATES Interest Accrued Interest Paid Interest Balance Denomination Distribution
------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
M-1 0.00 0.00 0.00 6.72500 139,933.80
M-2 0.00 0.00 0.00 7.29167 116,695.83
B-1 0.00 0.00 0.00 5.75000 92,023.00
B-2 0.00 0.00 0.00 5.75000 119,645.52
Limited Guarantee 0.00
Service Fee 260,893.69
X 539,302.71
R 0.00
------------------------------------------------------------
-------------------
Total 0.00 0.00 0.00 1,268,494.55
============================================================ ===================
All Certificates 0.00 0.00 0.00 5,654,730.46
============================================================ ===================
</TABLE>
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